The anti venom market comprises anti-venom immunoglobulins and anti-venom vaccines which help in neutralizing the clinical effects of snake or other animal venom. Anti venom is administered either as a monovalent antiserum against the venom of a single snake species or as polyvalent antiserum which provides broader protection against multiple snake species. Anti venom immunoglobulins are derived from the blood plasma or serum of immunized horses or other domestic animals. They have high specificity and effectively neutralize the toxins of snake venom. The growing incidence of snake bites and scorpion stings globally has increased the demand for anti-venom treatment.
The Global anti venom market is estimated to be valued at US$ 9229.16 Mn in 2024 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030.
Key Takeaways
Key players operating in the anti venom market are Bharat Serums and Vaccines Limited (BSV), Boehringer Ingelheim International GmbH, Boston Scientific Corporation, CSL Limited, Haffkine Bio-Pharmaceutical Corporation Limited, Incepta Pharmaceuticals Limited, Merck & Co. Inc., Merck KGaA, MicroPharm Limited, Pfizer Inc., and Rare Disease Therapeutics Inc. The key players are focusing on developing recombinant anti-venoms which can neutralize a broad spectrum of snake species at low cost through recombinant DNA technology.
The growing incidence of snake bites in developing regions of Asia and Africa present lucrative growth opportunities for players in the anti venom market. According to the World Health Organization, around 5 million people are bitten by snakes annually, out of which about 2.7 million cases require treatment with anti-venom and about 138,000 deaths occur due to snake bites.
Technological advancements in purification and characterization techniques for anti-venom production have enhanced the safety, efficacy and availability of anti-venoms. New chromatographic and electrophoretic methods allow the manufacture of monovalent anti-venoms of higher purity and specificity. Freeze-drying techniques enable long-term stable storage of anti-venoms under ambient conditions in remote areas.
Market Drivers
The rising incidence of snake bites primarily in rural agricultural regions of developing countries due to urbanization and climate change is a key driver for the anti venom market. As per the World Health Organization, India accounts for the maximum number of snake bite deaths annually followed by other Southeast Asian and sub-Saharan African countries. Growing awareness about snake bite treatment and the rollout of anti-venom immunization programs in rural areas also boost the market growth. Moreover, the use of snake venom for the production of therapeutic proteins and drugs supports the demand for anti-venoms from pharmaceutical companies.
Current challenges in Anti Venom Market:
Despite high unmet medical needs, anti-venom market growth is hindered due to lack of advanced anti-venom therapies and shortcomings in production and supply of anti-venoms worldwide. Moreover, low profitability discourage investments for new product development. Further, many regions lack proper healthcare infrastructures for effective treatment using anti-venoms.
SWOT Analysis
Strength: Growing incidence of snakebites and scorpion stings. Established production facilities in certain regions.
Weakness: Low profit margins discourage investments. Dependence on animal venom for production make standardization difficult.
Opportunity: Scope for development of novel anti-venom therapies. Emerging markets in Asia Pacific and Africa offer untapped growth potential.
Threats: High attrition rate during clinical trials. Stringent regulations delay product approval. Alternative non-anti-venom based treatment gaining popularity.
In terms of value, North America accounts for largest share in anti-venom market supported by availability of advanced healthcare facilities and high treatment cost. Asia Pacific is second largest region and is expected to witness highest growth during forecast period driven by factors like large patient pool, increased access and growing medical tourism within the region.
Middle East and Africa region is poised to offer most lucrative growth opportunities for anti-venom market players owing to rising clinical needs amid limited access to healthcare currently. Majority of countries in the region have tropical climate that favors propagation of venomous snakes and scorpions. Initiatives to strengthen healthcare infrastructure would boost anti-venom demand from this region over coming years.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it